It’s Better to be Safe than Sorry

You know you are in trouble when…

By Julie Hall

You know you are in trouble when an older expert shakes his head and says, “With the way the economy is going…” I share this because I sat with an expert just yesterday and he offered me sound advice which I want to share with you.

He’s not just a highly successful jeweler. He’s been in the business 60+ years and knows a great deal about his industry. I also knew immediately upon meeting him that this older gentleman had extensive knowledge about the market, where it’s headed, and what we can expect in the future. Many clients ask me on a daily basis what my thoughts are on the market, so today I offer a little on precious metals and gems.

My mom had given me some scrap gold to sell and I have several items I no longer wanted, but some of the pieces are very nice. So I went to him for a little advice: Should I sell now, or hold onto it for “a while?”

His eyes and demeanor were like that of a wise old sage, and he said the following:

  1. Don’t sell these items now if you don’t need the money. One day, these items will probably be worth more than cash. With the way the economy is going….
  2. In his opinion, gold may very well hit $5000 per ounce in our lifetime, but not in the immediate future.
  3. If the US dollar lost its power, you would still have items to barter with. At least you would have it, and it’s better to be safe than sorry.

Now, I know this isn’t rocket science and we’ve heard this before. But the warmth and wisdom in which he delivered this information forced me to take heed and really listen. So for now, those items are tucked back in the safe where they belong, taunting me with the question, “Will I ever need to pull it out in the future, if things got really bad?” Well, at least it’s there if I need it.